Fintech banking sets a new course.
The competitive landscape is always changing in the credit union world, but a recent move by the Office of the Comptroller of the Currency could add a lot of territory to that landscape, and whether credit unions will stake a claim on that new turf is still up in the air.
The commotion centers on the OCC's recent announcement that it gave three-year-old fintech Varo Money preliminary approval to form a national bank. The event sets the stage for what could be the country's first all-mobile bank – a "historic moment" that "marks the start of a new era in banking," the company said at the time. Varo Money, which is based in San Francisco, Calif., and Salt Lake City, Utah, currently offers its all-mobile bank accounts through The Bancorp Bank, as well as personal loans and financial tools; it is also part of the Allpoint ATM network.
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